TR Group & Hiringa partner to introduce heavy fuel cell electric trucks into NZ
US EPA proposes to retain existing NAAQS for ozone

Fisker to list on NYSE through merger with Apollo-affiliated Spartan Energy Acquisition

Fisker Inc. and Spartan Energy Acquisition Corp., a special purpose acquisition company sponsored by an affiliate of Apollo Global Management, Inc., have entered into a definitive agreement for a business combination that would result in Fisker becoming a publicly listed company.

The proposed transaction is anticipated to provide Fisker the necessary funding to bring its first product, the electric Fisker Ocean, to production in late 2022.

The Fisker Ocean is a fully electric SUV with premium styling and features. The Fisker Ocean will be available to consumers through an innovative leasing package, optimized for driver convenience and accessibility.

The business combination values Fisker at a $2.9 billion pro forma equity value, at the $10.00 per share PIPE price and assuming minimal redemptions by Spartan shareholders. The boards of directors of both Spartan and Fisker have unanimously approved the proposed transaction, which is expected to be completed in the fourth quarter of 2020, subject to, among other things, the approval by Spartan’s shareholders, satisfaction of the conditions stated in the definitive agreement and other customary closing conditions.

Cowen is serving as financial advisor, and Orrick Herrington & Sutcliffe LLP is serving as legal advisor to Fisker. Cowen, Credit Suisse and Goldman Sachs are serving as co-placement agents on the PIPE offering. Citi and Goldman Sachs are serving as financial advisors and Vinson & Elkins LLP is serving as legal advisor to Spartan Energy Acquisition Corp.


The comments to this entry are closed.